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High transaction mail from incometax on saving account interest

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21 Points Posted on 16 April 2021

I have received mail from income tax regarding high transaction on saving account interest. (1) Instantly I logged into complaince portal and found that yes I need to pay the amount, I said yes there 2) on 1-apr, i paid the same extra amount to the tax dept. 3) Now what should I do , is there any action on me because the ITR which i submitted in DEC doesn't have this amount which I paid on 01-Apr-2021 (challan). Pls guide

Replies (2)

Quick Summary

If you've received a notice from the Income Tax department regarding high transaction amounts on your savings account interest, you need to take action. The department requires you to either file a revised Income Tax Return (ITR) to include the previously omitted income or respond directly on the compliance portal. It's crucial to address this to avoid further issues.

Susmita Dutta, CA , CPA

1642 Points Posted on 16 April 2021

The department has asked to either file a revised ITR or reply to the query on the compliance portal ...so that's it.

Suravi Kataruka, CA, CS

Service

27 Points Posted on 17 April 2021

In response to the high value transaction intimation by Income Tax, the course of action is to file a Revised Return considering all incomes which were not included earlier and also responding to the line items in Compliance Portal. You will get a mail from Income Tax once your Revised Return is processed from their end along with the intimation order.